With many years’ experience working across multiple projects as Monitoring Surveyor, Rund is offering a specific Bank Monitoring Surveyor role as part of its broad range of services.
A number of banks and financial institutions are involved in the funding of developments, so the Bank Monitoring Surveyor role ensures the funder is kept fully informed of project progress and risks throughout all stages of the development, so that confidence in the project is assured.
Rund is currently providing Bank Monitoring Surveyor services to local relationship bank Handlesbanken on a residential development in Erith, London. The project, which the bank is funding, will see the construction of 54 private sale and rented properties as well as commercial opportunities.
Our extensive scope of service as Bank Monitoring Surveyor includes regular site visits and attendance at monthly progress meetings to understand progress made during the period from all parties involved.
As part of the service, a tailored initial report and monthly report is developed for the funder. Our initial report assesses the project risks from the funder’s perspective, covering aspects such as the status of statutory approvals, an assessment of the build costs, the developer’s cash flow forecast and programme, and any identified site abnormalities.
During the construction phase, our monthly reports will summarise and provide information relating to financial matters, such as budgets, valuations and cashflow. The reports will also include information and updates on the work programme, design, statutory consents, third party agreements, contractor updates, insurance, and health and safety practices. As a result, the Bank Monitoring Surveyor service is crucial for keeping the funder fully informed of the project risks, checking that the development is progressing in accordance with the terms of the loan agreement and that any cost increases are closely monitored – ensuring costs to complete are covered by the loan facility.
Toby Fazan, Surveyor at Rund said: “We understand funders need to be confident in any investment they make, so our Bank Monitoring Surveyor service helps provide a detailed understanding of all aspects of the project from inception through to completion. We always work with the funder’s best interests in mind, so they can be assured their investment is worthwhile.”
For further information on Rund’s Bank Monitoring Surveyor services, please contact [email protected].